Par Technology price target raised to $65 from $55 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Par Technology to $65 from $55 and keeps a Buy rating on the shares. The firm believes the pending and closed acquisitions of TASK and Stuzo, respectively, mark the beginning of a new era for Par for several important reasons, as they meaningfully accelerate the path to profitability, making it highly likely that the company will reach EBITDA positive by year-end. Stuzo largely carries the near-term impact given that the transaction has already closed. TASK is expected to close sometime in Q3. On a combined basis, the two acquisitions should add $20M of EBITDA on an annual basis, which does not include any synergies or growth assumptions, but Craig-Hallum believes the prospects for both are significant.